Huntington Bancshares Incorporated (parent of Huntington National Bank) and Ameriprise Financial, Inc. announced that Huntington has chosen Ameriprise Financial Services, LLC to serve as its new provider for retail investment programs. This includes transitioning support for brokerage, investment advisory, and insurance services—previously handled internally by Huntington Financial Advisors—to Ameriprise's Financial Institutions Group (AFIG).
Huntington Financial Advisors manages approximately $28 billion in combined advisory, brokerage, and insurance assets across about 260 financial advisors. The transition allows Huntington to leverage Ameriprise's expertise, technology, and scale to enhance its wealth management offerings for clients while focusing on core banking strengths.
Ameriprise Adds $28B in Assets from Huntington Bank Partnership
The partnership brings $28 billion in client assets to Ameriprise's platform. This boosts Ameriprise's advice and wealth management segment, which recently reported record client assets exceeding $1.2 trillion.
For Huntington—a regional bank with roughly $279 billion in total assets and operations across 21 states—the move streamlines operations by outsourcing specialized wealth services to a dedicated provider. This follows industry patterns where banks partner with established firms for better efficiency, compliance, and client experience in brokerage and advisory areas.
Strategic Benefits of the $28B Wealth Management Alliance
This partnership benefits both parties:
- For Huntington Bank: Enhanced wealth offerings through Ameriprise's robust platform, without maintaining an in-house broker-dealer.
- For Ameriprise Financial: Significant AUM growth in its institutional unit, access to Huntington's advisor network and client base.
- For Clients: Continued access to familiar advisors (many expected to transition), plus Ameriprise's tools, research, and investment options.
The deal reflects broader industry consolidation and outsourcing trends in wealth management, where banks seek specialized partners amid regulatory and competitive pressures.
This $28 billion strategic tie-up positions both firms for growth in a competitive landscape, demonstrating the value of targeted partnerships in wealth management.
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